Usage
of cryptocurrencies are associated with legal issues, and therefore mainstream
adoption is the major point of focus.

Several
Law Firms have recently begun accepting cryptocurrency payments; however, there
are potential risks associated with this transformation.

Mathew
K Roskoski, deputy general counsel at Latham & Watkins, previously admitted
that some lawyers accept digital assets.
These lawyers were “hip and cool and on top of stuff.” When
cryptocurrency is transferred from the client to the lawyer, the major point of
discussion has been about the appreciation of assets.

Mathew
K Roskoski, stated, “Cryptocurrency does not fit with the model for trust funds
— lawyers should not accept cryptocurrency as trust money.”

There
are complex regulations associated with cryptocurrency. When a cryptocurrency exchange is happening
between a lawyer and a client, many things come in to play as it requires both
the parties to be wholly committed to the deal.
Several states have worked their way around the concept of appreciation
of digital assets, and they have ruled that these payments are acceptable for
as long as the assets are sold and liquidated into fiat right away.

Hester
Pierce, SEC Commissioner, stated: “At
the SEC, we’ve been unwilling to sign off on a Bitcoin ETF, an exchange-traded
product based on Bitcoin. My concern about our approach in that area is it
looks a little bit like a merit-based approach judging the underlying Bitcoin
markets.”

Herb Needham, Founder, and CEO of
H&M Distributors, sometime back stated that they would be adding Lightning
Network as their new payment option.

He stated, “Accepting
cryptocurrency payments allows us to share that expertise with even more
clients by removing many of the barriers that made it difficult to sell
internationally before. What sold us was the settlement system, which allows us
to convert crypto payments to a USD equivalent right away.”

Chimpion the e-commerce platform
enables most of the merchants to begin accepting cryptocurrency payments
online. Chimpion is used by H&M Distributors for their cryptocurrency
transactions.

Douglas from Shift Crypto
security stated, “Compared to similar events we attended in the past, we found
that both visitors and exhibitors were more tech-savvy and knowledgeable about
the crypto-world in general. That was a big plus and made it more fun for our
team,” when talking about their time at MWC where they exhibited as a part
of Swiss Pavilion supported by Switzerland Global Enterprise and Innosuisse.

About The Author

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche.